The pros and cons of turning your home into a rental
April 16, 2024
Home selling (and buying) season is heating up. At the same time, rents are high in many parts of the country. What are the tax implications if you buy another home but decide to keep your current home and rent it out?
How renting out a vacation property will affect your taxes
March 19, 2024
Many people who own vacation homes rent them out to earn extra income. Even better, renting them out may provide tax breaks. Here are the rules.
Better tax break when applying the research credit against payroll taxes
March 5, 2024
Even if your startup business has little or no income tax liability, you may be eligible for a payroll tax credit election for increasing research activities. This tax break got better under the Inflation Reduction Act.
Tax-wise ways to take cash from your corporation while avoiding dividend treatment
February 27, 2024
As you may know, dividends paid out by a corporation are taxable to shareholders and can’t be deducted by the business. But there may be ways to get cash out of your closely held corporation without dividend treatment.
Taking your spouse on a business trip? Can you write off the costs?
February 22, 2024
The rules for deducting a spouse’s travel costs are very restrictive for small business owners. Here’s a rundown of what businesses can and can’t write off for tax purposes.
If you didn’t contribute to an IRA last year, there’s still time
February 21, 2024
Saving now for retirement is one of the smartest moves you can make to help ensure financial security. If you’re eligible, you still have time to contribute to an IRA or SEP and save on your 2023 tax return.
